Cardano

Bitcoin

Read

Discord

This crypto analyst expressed frustration over XRP’s price action but remains cautiously bullish on its prospects. 
A prominent crypto analyst who goes by the name CoinsKid shared his latest views on <a href="https://crypto.news/price/xrp/">XRP</a> and the wider crypto market in a YouTube video posted on Dec. 18. While expressing frustrations over XRP’s recent price action, CoinsKid said he remains “cautiously bullish” on the token’s prospects. 
<figure class="wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio">
 <div class="wp-block-embed__wrapper"> <iframe title="XRP DAILY ANALYSIS - RIPPLE XRP PRICE PREDICTION - RIPPLE XRP 2023 - RIPPLE ANALYSIS" width="1020" height="574" src="https://www.youtube.com/embed/KOBNk4VmmNU?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen></iframe> 
 </div>
</figure> 
<blockquote class="wp-block-quote"> 
 XRP is really frustrating. We’ve been writing so many beautiful opportunities up. So many coins, we’ve been posting so many setups in the Discord the last few weeks, and we’ve seen some beautiful moves. […] But then it’s so frustrating. If you’re still sat there in XRP and it’s just going sideways to down, it’s so frustrating that you see these overall coins going up. <cite>CoinsKid</cite>
</blockquote> 
 You might also like: <a href="https://crypto.news/cardano-is-becoming-bearish-analyst-explains/"> Cardano is becoming bearish: analyst explains </a> 
However, the analyst explained that key market metrics suggest investors should not look to sell or short XRP currently. “Because we are sitting at 1.9% in the sell short zone. And then equally what we’ve got down there, if you take a look in the buy long medium zone, we’ve got 41%,” he noted. 
<blockquote class="wp-block-quote"> 
 So, you know, more the market is sitting in opportunity right now, although it never feels like opportunity when it’s down there. <cite>CoinsKid</cite>
</blockquote> 
In the analyst’s view, the entire crypto market could be bottoming out after last week’s pullback. He spots a “little five wave counter trade” on Bitcoin (<a href="https://crypto.news/price/bitcoin/">BTC</a>) that makes him think altcoins like XRP may start rising again this week. 
<blockquote class="wp-block-quote"> 
 I still think there’s a case that we are sort of sitting in that same scenario at the moment. […] So if you’ve got a bit of patience, I know it’s getting really stretched at the minute is an absolute joke. But if you can just be patient and wait for the weekly close, I think it will give the game away here. <cite>CoinsKid</cite>
</blockquote> 
CoinsKid caveated that invalidation of his bullish scenario would occur if XRP breaks below key support levels. But so far, he sees the token as still copying the previous price fractal that led to considerable gains. 
 Read more: <a href="https://crypto.news/bitcoin-may-peak-this-month-analyst-forecasts/"> Bitcoin may peak this month, analyst forecasts </a>

Crypto analyst stays bullish on XRP despite downturn

crypto.news

Other articles published on Dec 18, 2023

NFT sales decline, Solana surpasses Ethereum’s volume

The Potential Impact of Breaking the Key Supply Area on BTC

Bitcoin and Cryptocurrencies Showing Weakness: Will There Be Further Declines?

Ripple CTO Weighs in on Puzzling Correlation Between XRP and XLM

Bitcoin Will Be Held By Every National Treasury As It Becomes ”Foundational Part” Of Banking Ecos...

UK Launches Regulatory Framework for Digital Securities Sandbox

Join our free newsletter for daily crypto updates!